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News 06-12-12 11:40 AM

Yext lands $27M to perfect local business listings
 
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New York City-based Yext, a company that offers a simple way to control your business data across more than 50 local search publishers, announced today that it has landed an additional $27 million in a fifth round of funding.

Yest says it will use the funding to expand its platform, which now distributes information for over 50,000 businesses on more than 50 sites. The latest round was led by Marker, a new fund by Crescent Point Capital foundr Rick Scanlon.

The company initially started out as a phone transcription service, and later offered a featured, Yext Rep, to help business owners monitor their listings on on local business sites. Eventually, that transformed into PowerListings, which is now the core of Yext's business.

Yext says it has powered more than 950,000 location updates since September. The company connects to popular local business sites like Yelp, Mapquest, Yahoo, and plenty of others.

For merchants, the benefits of Yext are obvious. It's becoming increasingly important to make sure your business is searchable with accurate information on the web, and it's a major pain to update your information across several sites manually. Yext claims that 6 percent of businesses change their listings every month, and 20 percent of local searchers by consumers return wrong information. (The hidden message: don't let that be you.)

With today's funding, Yext has raised more than $65 million so far, and its valuation is around $270 million, TechCrunch reports. Michael Arrington's CrunchFund also participated in the round, along with previous investors Sutter Hill Ventures,Institutional Venture Partners (IVP),andWGI Group.


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